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No. of Recommendations: 5
In a little over a week from now (9-15-21) MNR-C will become callable. The question is will it be
called. I am quite interested as I own some and would like to keep it. It pays 6.125%. I have not
yet received a notice that it will be called. The next dividend payment ($.38) is also on 9-15, so it
is selling just slightly below par (currently at $ 25.20). I suppose a lot of you are aware of the
recent takeover attempts by both Equity Commonwealth (EQC) and Starwood Capital. The latest (as of 8-31
press release) there were not enough votes to approve the merger with EQC. I do wonder what the fate
of the preferred will be whether there is a merger or not.
Norm
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No. of Recommendations: 2
FWIW I'm going to bet ($0) that a 6.125% preferred in this market will get called, IF they have other lower paying preferreds AND they have enough cash cushion to call it. Plus, decreasing cash will make a takeover less attractive.

Just a guess,
FC
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